Indian Sponge Offers Surge Over Rise in Billet Prices

Domestic sponge market has registered a price rise of INR 100-300/MT against yesterday’s trade. Constant demand amid increase in billet prices has led to surge in Indian sponge prices.

The fresh offers for 78-80 FeM C-DRI offers are hovering in the range of INR 15,400-17,350/MT (USD 230-258) ex-works. Similarly, post increase in billet prices are up to INR 500/MT d-o-d, the offers are assessed at INR 24,000-27,400/MT (USD 358-408) ex-works.

Trade Log:

1. Raipur based Integrated plants today offers P-DRI at INR 16,300/MT which was traded at INR 16,100/MT on 06 Mar’17. Same grade material from other markets also coming at INR 16,000/MT FOR.

2. According to sources in Durgapur, Rashmi Metaliks has increased offers for FeM 80 C-DRI by INR 100/MT to INR 16,300/MT.

3. Singhal Steel offered C-DRI (0-20 mm) at INR 16,500/MT ex-plant (Raigarh), an official reported. Also added few deals of FeM 79-80 P-DRI concluded for Raipur at 15,900-16,000/MT FOR.

4. Bhaskar Steel offered FeM 80 C-DRI lump at INR 15,600-15,800/MT & billet at INR 24,100-24,200/MT ex-plant (Odisha) through CST billing.

5. BMM Ispat, a price trend setter of sponge iron in South India has increased offers of FeM 80 P-DRI lumps by INR 500/MT to INR 17,500/MT ex-Bellary, Karnataka.

6. Sunvik Steels in Karnataka has increase sponge prices by INR 500/MT; offering FeM 80 & 82 C-DRI are INR 17,500/MT and INR 17,900/MT ex-plant

7. ILC Iron & Steel, a 350 TPD sponge manufacturer from Karnataka hike offers for FeM 80 C-DRI lump by INR 100/MT to INR 17,300/MT ex-plant. The company officials mention good deals concluded to Maharashtra at around INR 17,000/MT (ex-plant).

8. Apple Industries, a merchant seller in Karnataka is offering billet at INR 26,500/MT and FeM 80 C-DRI lump at INR 16,600-16,800/MT ex-plant (Karnataka).

9. Hare Krishna, a 300 TPD sponge manufacturer in Karnataka has offered 80 FeM C-DRI at INR 17,000-17,100/MT ex-plant.

10. Shiv Shakti Steel (Hyderabad) offered FeM 80 C-DRI lump at INR 17,300/MT ex-plant. And billet at INR 27,000/MT ex-plant. While, the same grade P-DRI is being offered by Sunder Ispat in same place at INR 17,000-17,200/MT ex-plant.